EU approves new Russia sanction package including new oil price cap

The European Union has reached an agreement on an 18th sanctions package against Russia over its conflict in Ukraine, targeting the banking, energy, and military-industrial sectors. It also includes a new dynamic oil price cap aimed at delivering further blows to Russia’s oil and energy industry. President of the European Commission, Ursula von der Leyen, claimed the sanctions will strike at the heart of Russia’s war machine and will remain in place until the end of the ongoing conflict. The sanctions package also includes a ban on transactions related to Russia’s Nord Stream gas pipelines and additional restrictions on Russia’s financial sector.